Diarize Me allows you to add expense accounts and log business expenses against those accounts. An example of this would be to log petty cash expenses so that your daily cash up report is more accurate.
The way expenses are logged is by allocating them to an expense account. You are able to create as many expense accounts you wish so that when an expense is logged, it gets deducted from the balance of the relevant account.
You want to keep track of your cash float so in Diarize Me, you create a Cash Account called 'Petty Cash'. You give it an opening balance of R500 (This is how much money is currently in the till).
When you use that money to purchase goods, you log the expense, who the vendor is, how much was used, and specify that the money came from the Petty Cash account.
The amount that was spent then gets automatically deducted from the 'Petty Cash' account and the expense can be tracked.
At the end of the day when you run your Cash Up report, the expenses will be listed and your cash float will be displayed. This allows you to count all cash in the till and compare it with what Diarize Me says you should have.
The above example used a cash based account. However, you can create other accounts. You can create accounts that fall under the following categories:
Cash Accounts (To log cash expenses, typically from the petty cash)
Credit Card Accounts (To log expenses from a credit card)
Bank Accounts (To log expenses paid via EFT)
The ability to create accounts, and log expenses is reserved for administrators and branch managers.
How to add an expense account
How to deposit funds into an expense account
How to capture a business expense